New Energy Equity completes development of 14 Public Storage projects in Minnesota

Rhea-AI Summary

New Energy Equity has successfully completed 14 Public Storage solar projects across Minnesota, marking a significant step in Public Storage's commitment to install solar on over 1,300 properties by 2025. The projects represent a combined installed capacity of 2.28 MW, including a 0.35MW solar array at the Como St. Paul facility, which is the second largest rooftop solar array in Public Storage's national solar portfolio.

These 14 rooftop projects are expected to generate approximately 2,750 MWh of electricity annually, equivalent to powering 379 homes for one year. The successful completion demonstrates New Energy Equity's dedication to delivering high-quality renewable energy solutions to commercial and industrial clients, contributing to a cleaner grid and providing long-term economic benefits to Public Storage.

Positive

• Completion of 14 solar projects with 2.28 MW combined installed capacity
• Expected annual electricity generation of 2,750 MWh
• Contribution to Public Storage's goal of installing solar on 1,300 properties by 2025
• Long-term economic benefits for Public Storage

Negative

• None.

ROSEVILLE, M.N., Oct. 17, 2024 /PRNewswire/ -- New Energy Equity, national developer and financier of community and commercial solar projects, announces the successful completion of 14 Public Storage solar projects across Minnesota. This significant milestone marks a major step forward in Public Storage's commitment to installing solar on over 1,300 of its properties by 2025.

"We are thrilled to have partnered with Public Storage on these important projects," said Nick Kerwin, Senior Vice President at New Energy Equity's Commercial and Industrial division. "Our team worked diligently to ensure that each installation was completed within the expected timeline, while maintaining the high-quality results that our customers know our team delivers. These solar projects will not only contribute to a cleaner grid but also provide long-term economic benefits to Public Storage."

The 14 projects represent a combined installed capacity of 2.28 MW and include a 0.35MW solar array in commercial operation on Public Storage's Como St. Paul facility. The Como St. Paul solar array is the second largest rooftop solar array generating power across Public Storage's national solar portfolio. 

The 14 rooftop projects are expected to generate approximately 2,750 MWh of electricity annually, the equivalent of powering 379 homes for one year.

"We are excited to see these solar projects come to fruition," said Gareth Thomas, VP Asset Management at Public Storage. "As we continued to look for opportunities to expand our solar fleet, New Energy Equity demonstrated we could deploy solar on enough Minnesota sites to make a meaningful contribution to meeting our solar installation goals."

The successful completion of these projects underscores New Energy Equity's dedication to delivering high-quality renewable energy solutions to its commercial and industrial clients across the country. By harnessing their expertise and innovative strategies, New Energy Equity remains a crucial driver in the transition to a sustainable energy future.

"We are proud of our team's efforts in making these projects a reality," said Megan Shake, Project Manager at New Energy Equity. "Our work with Public Storage demonstrates the positive impact that renewable energy can have on both businesses and the environment. We look forward to continuing our mission of providing clean energy solutions to our clients."

New Energy Equity is thrilled to contribute to Public Storage's best-in-class sustainability initiatives and looks forward to helping more companies successfully implement solar energy as a sustainable, profitable, and scalable solution for their operations. For more information about New Energy Equity and their renewable energy projects, please visit www.newenergyequity.com.

About New Energy Equity
New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE: ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 500 megawatts of solar projects and closed more than $1.2 billion in clean energy investments. To learn more, visit http://www.newenergyequity.com.

About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2024, they had: (i) interests in 3,049 self-storage facilities located in 40 states with approximately 219 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 281 self-storage facilities located in seven Western European nations with approximately 16 million net rentable square feet operated under the Shurgard® brand. Their headquarters are located in Glendale, California.

Contact:	Bridget Petersen
	Marketing Manager
	New Energy Equity
	801-866-3687
	bpetersen@newenergyequity.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-energy-equity-completes-development-of-14-public-storage-projects-in-minnesota-302279084.html

SOURCE New Energy Equity

FAQ

How many Public Storage solar projects did New Energy Equity complete in Minnesota?

New Energy Equity completed 14 Public Storage solar projects across Minnesota.

What is the combined installed capacity of the 14 Public Storage solar projects?

The 14 Public Storage solar projects represent a combined installed capacity of 2.28 MW.

How much electricity are the 14 Public Storage solar projects expected to generate annually?

The 14 Public Storage solar projects are expected to generate approximately 2,750 MWh of electricity annually.

What is Public Storage's goal for solar installation by 2025?

Public Storage aims to install solar on over 1,300 of its properties by 2025.